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PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS
Components of net periodic cost (benefit) included in net loss are as follows:
Pension BenefitsOther Benefits
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)20242023202420232024202320242023
Interest cost$10,811 $11,447 $32,423 $34,462 $70 $92 $210 $276 
Expected return on plan assets(11,201)(11,709)(33,593)(35,112)— — — — 
Amortization of prior service cost53 53 159 158 173 173 519 519 
Benefit plans, net (1)
(337)(209)(1,011)(492)243 265 729 795 
Service cost included in COS (2)
173 146 514 435 5 4 14 12 
Net periodic cost (benefit)$(164)$(63)$(497)$(57)$248 $269 $743 $807 
(1)    Benefit plans, net, which is presented separately in the Condensed Consolidated Statements of Operations, is not allocated to the segments.
(2)    Service cost related to a small group of active participants is presented within Cost of operations in the Condensed Consolidated Statements of Operations and is recorded at the B&W Thermal segment level.
There were no MTM adjustments for our pension and other postretirement benefit plans during the three and nine months ended September 30, 2024 and 2023.


We made contributions to our pension and other postretirement benefit plans totaling $3.7 million and $7.7 million during the three and nine months ended September 30, 2024 as compared to $0.3 million and $1.0 million during the three and nine months ended September 30, 2023 respectively.

Additionally, during the third quarter of 2024, we were granted a preliminary waiver of required minimum contributions to the Retirement Plan for Employees of Babcock & Wilcox Commercial Operations (the "U.S. Plan") by the PBGC. The waiver was conditionally granted, subject to us providing acceptable collateral to the PBGC within 120 days, at which point it will be reviewed, and, if deemed subordinate, will be approved. The waiver is expected to reduce cash funding requirements in 2024 by $15.0 million and increase contributions annually over the subsequent 5-year period.